CARLOW CONSULTING, LLC

Securities and Exchange Commission-Meetings on 25 March with the SEC on protecting investor and shareholder rights, including voting, 13D-G guidance and the importance of engagement and dialogue between issuers and investors, mandatory arbitration provisions, request for ideas to streamline Reg S-K, how investors use proxy advisors, and a request for public consultations with notice and comment periods under the Administrative Procedures Act. We discussed accounting and auditing issues with the SEC and PCAOB, including international standard setting, budget, managing risks and appropriate controls, and high-quality auditing/accounting and international standards for investors. Senate meetings on 25 March with Republican and Democratic policy staff from the Committee on Banking, Housing, and Urban Affairs, Subcommittee on Capital Markets, Committee on Finance, to discuss upcoming Committee hearings, bills such as capital formation, and activity, to support S.3831, the "Enhancing Multi-class Share Disclosure Act" which was introduced in the Senate on February 11, 2026. Meetings with House and Senator offices on upcoming Committee activities, bills, and investor issues. House meetings with the Republican and Democratic policy staff from the Committee on Financial Services, Subcommittee on Capital Markets, Committee on the Judiciary, Subcommittee on the Administrative State, Regulatory Reform, and Antitrust to discuss shareholder rights, including shareholder proposals, changes to 13D-G, proxy advisory services, views on materiality and SEC activity, and the need for stability in the US capital market for global investors.